Still Counting the Results: Bitcoin May Have Larger Voice in Political Campaigns

The Federal Election Commission (FEC) will be ruling on contributions to US political campaigns on April 23.

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The Federal Election Commission (FEC) will be ruling on contributions to USpolitical campaigns on April 23. Since no law prevents using crypto-currency inpolitical campaigns, people like TexasGovernor Candidate Greg Abbott and theLibertarian party have already accepted donations via Bitcoin.

Two draft advisory opinions from PAC MakeYour Laws were posted on the FEC’s website available for public comment beforetoday’s meeting.

Thefirst draft, posted April 16, more or less would allow political campaignsto accept Bitcoin not as cash donations but rather in-kind donations, use thebitcoins to pay campaign bills, and would require the donor to reveal theiridentification before the donation is accepted. Donations would be sent to thePAC’s bitcoin digital wallet account, where it can be spent or sold later.

Thesecond draft, posted April 17, is a lot harsher on bitcoin. Donors would berestricted to giving a maximum $100 worth of BTC per election cycle. Allbitcoins accepted would have to be converted to cash before being utilized.This cash has to be deposited to the PAC contribution account.

With a $100 limit, it’s hard to say thatbitcoin will make an earth-shattering impact in political campaigns. Rather,this may just be a jolt to the Bitcoin community as they see politicians acceptthis currency, the same currency that lends itself as a voice of freedom fromcentralized banks.

TheFEC deadlocked in a similar vote last year.

Sai (his legal name), who runs Make YourLaws, is optimistic that the commission will approve the request filed by hiscompany. He argues that since Bitcoin is traded, it can be treated like anin-kind contribution like a bond or stock. Make Your Laws is a non-partisan group encouragingthe use of technology to give individuals a greater say in elections anddemocracy.